EVERETT, WA—NorthMarq Capital's Denver based regional office secured acquisition financing of $43.5 million for Millington at Merrill Creek, an 18-building, 344-unit multifamily property located at 1401 Merrill Creek Parkway. The transaction was structured with a 7-year interest only term. NorthMarq arranged financing for the borrower, Security Properties, through its seller/servicer relationship with Freddie Mac.
Property amenities include a business center, 24-hour fitness center, clubhouse, pool, spa/hot-tub, basketball court, playground, attached/detached garages and carports. Units have 9' ceilings, full-size washers/dryers, fireplaces in select units, dishwasher, built in microwave, track-lighting and soaking tubs.
Security Properties has acquired or develop over 66,500 residential units at a cost of over $3.35 billion. The company maintains a focused multifamily strategy supported by integrated teams of professional acquisition, development, construction, investment and property management specialists.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
